Commerce Exam Past Questions and Answers | JAMB, WAEC and NECO

Commerce is a structured system for exchanging goods between buyers and sellers. It involves studying the processes and activities related to buying and selling goods and services, particularly on a large scale.

• Question 1:

  Use the information below to answer questions 13 and 14

  	#
  Sales	50,000.00
  Debtors	10,000.00
  Cash in hand	5,000.00
  Opening stock	30,000.00
  Creditors	8,000

  Options:
  A) #35,000.00
  B) #20,000.00
  C) #5,000.00
  D) #14,000.00
  Show Answer
  The correct answer is C .
• Question 2: Which of the following is NOT backed by gold but by government securites? Options:
  A) Fiduciary note
  B) Token money
  C) Commodity money
  D) Fiat money
  Show Answer
  The correct answer is A .
• Question 3:

  The policy used when contracts are awarded as a result of tender is________

  Options:
  A) market penetration
  B) market skimming
  C) Bid Pricing
  D) Product Line Pricing
  Show Answer
  The correct answer is C .
• Question 4: A written agreement for hiring a ship for transporting goods is a? Options:
  A) consular invoice
  B) bill of lading
  C) charter party
  D) certificate of origin
  Show Answer
  The correct answer is C .
• Question 5: The fixed and current assets of a business are called? Options:
  A) called up capital
  B) capital employed
  C) paid-up capital
  D) authorized capital
  Show Answer
  The correct answer is B .
• Question 6:

  Given:
  ₦
  Sales 15,000
  Opening stock 5,600
  Purchases 9,700
  Closing stock 4,400
  Gross profit 4,500
  Net profit 2,000

  From the above data, calculate the rate of turnover

  Options:
  A) 2.00 times
  B) 3.50 times
  C) 2.18 times
  D) 3.00 times
  Show Answer
  The correct answer is C .
• Question 7:

  Services which are of absolute monopoly can best be provided by?

  Options:
  A) private companies
  B) limited liability
  C) public companies
  D) public enterprises
  Show Answer
  The correct answer is D .
• Question 8: A business organization is said to be socially responsible when it? Options:
  A) gets involved in issues relating to the society
  B) rewards its staff for long-term service
  C) offers discounts to customers
  D) invites the public to its annual general meetings
  Show Answer
  The correct answer is A .
• Question 9: One of the obligations of an employer to an employee is to? Options:
  A) indemnify him against liabilities incurred on duty
  B) award scholarship to his children
  C) terminate his appointment without prior notice
  D) indemnity himagainst injuries caused through negligence
  Show Answer
  The correct answer is A .
• Question 10:

  The creation of goods and services to satisfy human wants is referred to as

  Options:
  A) manufacturing
  B) commercialization
  C) production
  D) entrepreneurship
  Show Answer
  The correct answer is C .